Transcript
Hello. Wow. Wow, you feeling. Wow, today I'm feeling. Wow, today, it's Been busy. Why, why is it busy? I mean, look, we have a platform. Free float has a platform. How do you get there? So right now you go to board saber metrics.com. However, we're in the process, we're going to move it all over. I know. We just don't say that we're already gonna change the domain or not supposed to say. So tell people that all I know is that we have a platform, all right? And you can access it and it's free. There's bugs on it and stuff. But look, it's there and now We've we're gonna do it during our show. It's exciting. You know, what is our show? What are we doing? Who are you live from black rocks? Kosher dill pickleball court. That's a not to all the anti-semites over there, at Vivic promise company. How can you have a kosher pickle? Port. That's great it's the ESG Industries. Only weakly Wok data podcast. Featuring BS man at today's Ear muffs. Solid. Guesstimate called June. 21st 2023. Our alternative democracy as seen through our platform or And I love it. An anti-esg update for Matt? Yes, it is in. Well, it's actually not for me. I can't take credit for this one. I did not write. This is though this is I'm reporting on. It is a brilliant. Brilliant Morning Star. Huge shout out to the team at Morningstar there. I believe the name of the the analysts who came up with this is Alyssa stankiewicz. So okay? and they came up with the pillars of the anti-work, which I love. I'm hoping Alyssa's a fan of the show because she should be Yes, obviously. I don't know that she is but she should, we're not, we were recently, ranked the number 19 best business news podcast in the world. That is our us, is it? The worst is the world, it is the world. The BBC, their business Channel. I believe we and simultaneously we beat out Africa infrastructure Nation or something. That was surprised about that that they would address out, you know, it's All Africa is a giant with billions of people on it. So we beat them. I would say congratulations to us for being in the top 20 but screw that. We're number 19, we're better than number. 20. Yes, that is correct. We're not even better than 20. I'm very excited about everything. Yeah, let's do this, your help today. For those of, for those of you live streaming, you're lucky because Matt's actually going to be using our platform, for those of you who are not, you know, Get over. Go get our platform. Don't be a. What are you doing? What do you, what are you waiting for? Yeah, don't be an idiot. So, we're doing alternative democracy Roundup. This is kind of like a director as we hate Edition. This is, I found a lot of. I looked like once again. I looked through probably 60 meetings here but there was a quite a bit of direct your hate which I was very pleased about because we can use our platform to kind of look into these directors. I will say this, I'm for once I'm actually sad that it's the end of proxy season and you can't, you can't do this anymore. Like we can't. Well, like things to talk about. I'm just saying like this was the most boring thing and now I'm excited about. Okay, let's start with Etsy. Can you go to Etsy? Let's go to Ed. Here's Etsy on our platform. Here's what they look like. I hope you want me to give you some stats about before you can. I'm not asking for them, but you see me. Eager to go ahead. Look at the team is actually pretty strong. They're batting 684. That's very strong. Very wondering what the batting average is mean, high is good. And low is bad. Is that unlike in baseball were 300 is basically a Hall of Famer for us. 500 is you average. It's short. Write 400 to 600 is like you're playing like everybody else. Basically what we're saying is the board members on your team Are, you know, roughly mediocre like, at their performance metrics and the performance metrics are TSR and ibida. So, pure Excellence, right Vivic and money is Excellence, then carbon which, ooh, nobody likes carbon and then finally controversial activity. Basically, do they sit on Boards of companies that are super controversial, they suck at controversy, they get into sucky Behavior. So what we've got is every board member and how they rank and 6046. And remember, Etsy is the company that last week, said the CEO said, They're leaning on the pillars of things like ESG makes a stronger diversity and caring about the environment makes them so we're clear. Yeah, our batting average is not an ESG rating. Our batting average is actually how the company performs and the board members like were involved. It's the so this We're not gonna call to C minus and move forward, score some bullshit. He'd like, you know, this is straight up, I like how they performed on. Excellent. All right. Stop filibustering. The two directors at the shareholders hated We got both 30% roughly, which is a lot is a significant amount of hate. Yeah, Michelle Burns and Fred Wilson. Is there anything you can tell us about those directors. All right, here's what I can tell you. Yeah, let's pull up Fred Wilson. This is Freddy, this is his baseball card. This is his metrics right here Freddy's on coinbase. And Etsy, I wonder if this is, this is coinbase related, not Etsy related, okay. Freddie has 22% of etsy's influence but this is a 720 batting average director. Yeah, this this guy actually his his strengths are if it up earnings and low controversies and he's great on carbon, his TSR is just mediocre. What I don't, what do we what do we angry about? What do we angry about him for? Yeah, I did. I didn't again that is I didn't do it. Big proxy. Dive to see if like maybe he failed at attendance or something. I don't, I don't have the immediate answers, I just want to see if our data spoke to anything. I, I can see the His total shareholder return. It's a little low compared to Mean, it's still good below average though, below average. It's it's like middle of the pack. He is, we've tagged him as environmentally friendly as an influencer because on all the boards, he's on. He tends to have high more than 10% influence and the power broker. He's like, he's like a dude. Here's the important thing to me is that Michelle Burns and this is what the shareholders didn't know, but now they can know if they subscribe to our platform, but Michelle Burns and Fred Wilson combined control 37% of the influence of the company, really and the CEO Josh Silverman has 29%. So really if the shareholders were trying to make a statement, they actually are doing a good job that they targeted powerful people. So I like that. I like it. I don't like I wonder though. If Fred Wilson is a coinbase board member and Michelle Burns is on Goldman Sachs and Heiser Busch and Cisco. Also she might be A little overboard that might just too many boards that might be. So a little too woke boarding like between Etsy and now nobody likes Anheuser Busch because apparently the belgians are are woke and Goldman Sachs nobody likes Goldman Sachs. She's a lot of boards. No one likes that's that's part of her problem. Probably. Ah let's go to Delta, Delta Airlines. All right Delta I love Delta in no way. Do I love Delta Delta let's look at them. There is our two reasons why I want to bring this one. First of all, I wanted to give a nod to John. Shevette is John a friend to our show. We've not reached out to John, but I feel like it could be your friends. Let's reach out to your listener. I Want To Praise John. John had a victory over there at Delta Airlines. He had a proposal to, to adopt a proposal requesting shareholder ratification of termination pace. So basically giving shareholders the right to either accept or reject the pay. When a CEO, when a executive leaves the company the voters voted. Yes, 60%. Yes. That's a victory for John. Yeah, that's great. That's great. How do you like? How much thank you? I don't know why they don't care about that. That's a win for John. I mean, look, does anybody really celebrate? We're older ratification. We just literally, just literally just. All right. The only voter, they hated George Mattson. Got about 20% against anything stick about George Mattson. Yeah, here's what's, here's what sticks out about George Mattson. First of all, He is 6% of the influence. So like, who fucking cares? I care. Second of all, he's the fourth worst performer at the worst performer. He's the fourth worst. If you're looking to vote somebody out, let's say you care about excellence and you're you're like you're focused on earnings and TSR. Okay, let's say that that's your thing. First of all, Delta that's 286, they're one of the worst companies overall and why would you vote out Mattson? When you could have focused on Chris Hazleton who, why Chris Hazleton? Because he bats 103 for earnings. He bets 176 for TSR 60 for carbon like point zero, six zero. Yeah, you might you basically are the worst ever well and point zero two. Six for controversies. What? What are we doing? Why are there a lot of guitars on this board? Well, they're all Leslie Hale. I'm surprised wasn't a focus. She is 1% of the influence. But Ed Bastian. Like he's he came out and he he's all for ESG now, right? Isn't he didn't he say, like, diversity and inclusion was the Cornerstone of their thing while they're not. They're abandoning their Net Zero carbon targets. So, it's very confusing. I don't know why you'd go for maths in over some of these other people moving on. Let's go to Live Nation. Do you have Live Nation in our platform? And we have everything in our platform. So here's Live Nation. The big, the big one, the big hater, the hater raid was pointed at oh one of our favorites here Gregory matthaei Greg Murphy 36% now. While we're on the topic say on pay at Live Nation rejected, 54% of the votes. No on Sean mad. Yeah, that's correct. And I'm gonna tell you why, this is an easy why the CEO Michael rapino made 139 million dollars. This CFO Joe Burke told 52 million. That's a lot for sale. Can we say that? Greg say it Seven boards. Yeah, that's crazy. He's on the boards of curate retail, Charter Communications, Live Nation TripAdvisor serious. XF XM. Liberty broadband, and Zillow Yeah, what are we doing? Shareholders are sick of it. What are we doing? And he barely bats average. She's 505 hitter. Let's not forget that Greg, McPhee's company, Liberty Media A holds 30% of the shares of Live Nation. So without those shares, Greg McPhee is probably voted off the sport. In fact, according to our data, the CEO is third on the list of influence. It is, Greg Maffei at 34% Chad, Hollingsworth at 32%. And then Michael Rapinoe, the CEO of Live Nation. So really, what are we doing? So this is the proper, this is the proper Target here. Although, here's the problem with shareholders, and why they need us, they need to talk to us, and they need to get into our platform. You mentioned, Chad Hollingsworth, you also has 32% influence. He is the chair of the pay committee that paid these ridiculous amounts to the CEO and the CFO. He also is a senior vice president at Liberty Media, Greg MacPherson. So there's just too much. Yeah, bro, culture here going on. This is why they're failing shareholders. It's all right there. But yeah, only 12% of Voters. Voted against Chad Holmes worth. That's numbers too. Low should have been a lot higher. Yeah. Should have been higher. Get on it. Well, who else? This is like everybody. We got it all, I love this. I'm feeling good right now. Okay? What about Teva, pharmaceutical. You have them? Yeah, of course I do. What do you want to know? First of all, the reason why I point them out, say, on pay also rejected. Okay, great say I'm paying 51%. No two directors, they targeted Bearer and verges. Bearer 8% influence like a 304 batting average overall, most of that is because their TSR sucks and they're highly controversial. So and Burgess Where's Burgess is the other person's with the V Janet? Oh verges. Oh, virgin's. 12% influence on four boards? Probably notice you notice a pattern really really quickly here. Which is that whenever you say a woman's name, who's a board member who they got votes against their on like four to five boards, they're on like recycled directors, their recycled directors. So shareholders. What they're doing is saying you need to add diversity. They are not interested in whether or not that diversity has any power and busy. Yeah, because they're recycled like, when the boards actually add diversity, they only had diversity from the pool of existing directors, despite the fact that she bets 567 overall on four different boards. Meaning Like, it's hard to be that like, to be just slightly above average on that many boards. So good for her, I think she's the wrong target. Can I say something? I found that I like to vote Teva pharmaceutical. I've never seen this before. So say I'm pay was rejected the CEO care Schultz only. I say, only only made 16 million dollars last year, only because in America that isn't Only okay, I'm sorry, it's just not much, but here's something I've never seen before. And this is why you should listen to our show and this is why we're number 19 in the world in business. No, I think I really do think this. This is why we're not like 23 like some stupid. You know that's true. Yeah we're not in there. They have a peer they have a peer companies to determine conversation. All companies do this and they have to publish these lists, right? They compare their paid out their peers, they are ranked in the 0 with percentile and market cap. I'm serious, they say it right in the proxies 0th percentile in market cap, the median market cap. On the companies they're comparing to to pay their CEO is 113 billion dollars. He was tifa's market caps. Only eight billion dollars. What do you doing? How are you targeting? The pay at these huge companies Teva Well, let's just get paid a lot. Zero is zero. It What else do you want to look up? How about fast Leaf? There's a lot of weird stuff going on. Fastly, do you have fastly? I do. Yeah. What do you want to know another company? You can't throw me if a curveball I got another company. We're saying on pay was rejected. 53% say no there's also something interesting I'll get to later this company I've never seen before but the big director targeted here was Aida Alvarez. 47% no. All right like what are we doing? Archer Bergman has 69% of the influence of the company. There's no post founder founder. I'm Archer Bergman. Yes, feels dual classy and I'm gonna get to him. Yeah, let's actually let's get, you go ahead. Well, we're voting you voting against anybody else is pointless? Yeah. Like so you vote against they vote against Aida Alvarez? Yeah, poor Ada. Like she's, she's on again, four different boards. See, here we go. Stride, not strive stride Inc, HP, fastly, and build.com some four different boards. Never has more than 10% influence. She is your classic recycled woman. That's who we're getting rid of. That's who we're voting against. No, not since the next one I bring up. Is another recycled woman, that's funny. Oh, this is really just dressing. Okay, here's what I've never seen before. This company had a vote for the, they had a stock option, giving to the person that you talked about the founder Artur, Bergman, right? They wanted to give him. Another two million shares. He already owns nine million. Okay. But they actually put this up for a vote, they actually asked shareholders to approve this, which I applaud. I don't understand how it happened and you know what it lost. They said, no, that's correct that as they should. But he, but yeah, he controls the company. It's right. Doesn't he owned a considerable amount of voting power? But that's it. But I'm just amazed at. Fastly, did this? I'm amazed, they put up the boat and I met shareholders like, no, screw you found her. I don't think so this, we categorize these companies like governments and what this is totalitarian company, the fake public companies for the most part, because one person, usually controls it. How are these public? How are these publicly listed? And yet, Matt, the shareholders said no to the founder, getting another optional work, good for you, good for them and almost point. And then they all so said, we hate Aida Alvarez who's fourth on the list of influence after the CEO and the end two other people, right? Like what are we doing? Do you want to let me do one more? Yeah I want to see one more and see network. Do you have AMC networks? Yes I do. Let's look at AMC we're saying right off the bat. Yeah 80% of this board is connected to one another through other boards. This is this is like every other media company. This is the James Dolan joint, right? So we're the whole Dolan family owns this again. Why? Why does anybody You want to know the names of the? I'm looking at the directors in order of influence. And I'm looking at the first six directors, it's Dolan Dolan, Dolan Sweeney Dolan, Dolan Dolan. Seven directors, with Dolan So, it's like a pointless. It's a shock that AMC is suffering as much as they are, okay? Here's the person that targeted. So first of all, the majority of this board is Class. B, directors control, the Dolan family and of course, 100% of the votes. Were yes for all those classes, shocked. 100%. Okay, But there are three Class A directors up for vote Leonardo, Leonardo. 81%. No. Matt, why do they hate Leonard? 81% know why Leonard he's been there? He's old. He's old, he's 93 years. But, but Charles Francis Dolan. Who's on the board. And get 100%. Yes, votes. He's a Class. B director, he's 96, Matt, you're laughing, but it's right there in our database that guy's useful. Yeah. What? So there you go, Leonardo. Like, I don't. Know is basically like we wish we couldn't hold you but we have to hold an index or something. I don't know. What what why would you even waste your vote? This is such a way to time. Is it not only is it a waste of time? But according to our data, he's one of the top performers are overall in the board. So I yeah, I don't know why. Oh he's old right. We already stopped. He's old but he is like the fourth most like top performer and let me guess. Yeah. Um the next one top performer after Leonardo. Also probably Carl Vogel is is like one spot removed nice performer. How did he do for his vote? He got 44%, no. And he's only 64 but he did go to Saint Norbert College so my guess is. That's probably why it's probably made up call College. Yeah. All right. That's all I have for the directions. We hate but I do want to add one more for you, Matt caterpillar. Had a anti woke and anti-esg. Proposal and audit analyzing the impacts of the companies, diversity, equity and inclusion policies from the national Center for Public Policy research. Yeah, did It win? I will say that they in their statement, they say by devalue by devaluing Merit corporations have sacrificed employee competence morale and productivity to the, to the altar of quote, diversity, on quote, the altar. First of all, the ultra, I mean, wait, before you say anything National Center for Public Policy research, you do realize that like, you are centered in the most famous Melting Pot on the globe, right? We, the United States is a is where the Melting Pot like we are. The, I mean, this is what we're I don't even need to give a history lesson, but you're calling it and alter of diversity, like, what white nationalist rules, are you living in? I don't understand what the hell, these people are. I really don't get it. I like that. They, they suggest that they devalued Merit at all. When, like, you could look at these companies and like I could look at all the only, like, if there's a company with only white people would They have devalued their valuing Merit, is that what, what is the antithesis of this? I feel to understand what's happening. They're also like asinine enough and I'm saying that nicely, they are asked not enough to say that by adopting a diversity, Equity inclusion policy that those by doing so, those practices themselves are deeply, racist and sexist. Oh, racist, and sexist think about, I mean, think about these morals. It's just amazing. All right, all right. I will say this though, it, they got more support than I would have guessed one point seven percent. Whoa, Their average. That's all right, let's take away from the alternative democracy anti-wolf into the anti-love with this. Look, this was one of my favorite articles that I've read in a while it's morning. Start put out a paper and they again shout out to Alyssa stankiewicz, the five categories of anti-esg funds. So here's a quick primer, he is. G data has been traditionally used in three ways they, they break it into these three pillars of usage, which are risk. It's like basically how to make money that's ESG ratings and stuff like that. They all talk about risk and capital markets and yada yada. It's effectively like are my companies going to be under the ocean because of climate change. How do I avoid that to make as much money as possible? Then there's impact, which is, how are my companies going to do well for the world in some way? And then there's values, right? So values are like, I don't like abortion. I don't like, tobacco, I want to avoid that stuff. What Morningstar is done is effectively figure out the Antioch will have the same exact kind of pillars. Yeah, there are the end as we've established here on the show, many times the anti ESG crowd, are they are ESG, you are self-hating? Uh, ESG practitioners, it made me remember growing up Catholic and the amount of guilt that goes along with it. Like I do feel like the anti-woke anti-esg groups are effectively Catholics that have guilt, right? Like, um, so here is their Five Pillars, which I actually think is more like three, but we're gonna go with their five. I'll just gonna I just want to let them linger. There's the anti-esg crowd. Okay. Now, the anti ESG crowd is really. There's they could only find One Fund that really squarely fit this because what they do, Is they actually buy ESG ratings, The use ESG ratings? In Reverse, they basically say anybody who's rated highly, they think the opposite like right? Okay. So it's very, very simple. They call it. Yeah. It's it's the best of the worst ESG. And it mostly is it ends up being white discrimination and oil discrimination play. That's what it is. They tilt that my enemies enemies is my friend. Does that what they're saying? Is that what the movement is all about? My enemies enemy. Yeah, is my friend. Yes. This is where we're number. 19. and then there is political funds. Okay. Now, the political funds are there. It's really, really simple. It's fuck the Liberals. That's it. Oh, I like this, that's it. But one of the, the ways they had to do that, right? Are they had to go out and make their own rating system for liberal and conservative? Yes. Okay. That's how they had to do in order to accomplish this our rating system. Typically devoid of any actual methodology. There's no, well, this think of this as where ESG started 2030 years, absolutely. In Rick Marshall's, Barn, they, they literally are redoing it. They start, they're taking the same data points that ESG has given them by forcing to disclosure over 50 years, right. Which is really what all ESG data is forced disclosure. They're using that day at a harvesting it and then they created their own system that says, semi opposite thing to the existing issue rating system. They're just Doing is she stuff? It's points of emphasis, right? So there's basically the the ESG Raider. Reversers in political funds. Like they're they're they sound very similar to me. Those two groups. Yeah. Then there's this group which I didn't really fully recognize their existence but Morningstar claims is the largest cohort of anti-esg. Okay. They're called, they called them. The renouncers that sounds biblical, doesn't it? Yeah. Well, these are, these are actually funds that prior to the anti woke movement, not only bought ESG data but used ESG data. Put it in the fun name and talked about its value. Yeah. Oh, they have since scrubbed all mention of ESG? Yes. Right from the player of the political theater. Yeah, they are classic cowards. They are classic money. Chasing ambulance, chasing cowards. What they've done is, they were ESG funds. They've removed it. And now some of them are even calling. Yes, she a Marxist plot. They've changed all of their rhetoric. It's been proven. It is a Marxist plot. So, this actually conforms with a paper from 2005 by Michael Cooper, Hussain gulen and ragavendra Rao, like, remember those names because they're already remember them? Yeah, you really logged in, they found that mutual funds, that changed their name, in 2005, to whatever the hot investment. Yeah was. Yeah, they saw fund inflows. They are basically ambulances. There is no added value. They didn't change, they don't change what they do. All they do is renounce, the hot thing of yesterday to the hot thing of today? How things today is antiques? So that's what they are. I didn't know that this was like as much of a thing, but they have examples of all these. I'm guessing they do they have lists of funds. All of this, I love Go download this paper because it's really sorry. You really did it. You did it. You nailed it. You nailed it. Then there is the classic, Vice funds. We don't spend time on them last year Trope. Yeah, it's just values. Its values. Only Opposite of value. So like like if socially conscious investors say we don't like tobacco the vice fund say we only include tobacco right? Like that's it's cool. I know. Hey the way you want. I don't care. Yeah, I would call it. Trolls is what I would call it and then finally trolls. Yeah, it's the voters. Yeah, the Vivid crowd agrees with you, the voters are just strive it. I mean, there are more than that, but it's the strive approach. This is, yes, this is ESG motion pedalers. This is bullshit, peddling. This is because what they do the process and when Morningstar really points out really nicely is all they really do is say we will vote, according to non ESG value sets. So it's value funds just voting so they license an index. They then collect money and then they say they're going to vote in, you know, in a different way. That's what strive does. Except that all of it is make believe like there's no methodology to how they vote. There's, they actually generally don't have data around how they vote. Their research providers are themselves going out and deciding what is anti-science like? Yeah, it's a bully pulpit. It's like it's fist its fists against the table, kind of nonsense. This is way to pay somebody 25 basis points of your money in order to get 07 percent support on a vote. Oh, that's anti. Yes, that's it. Uh this is this is go down. This is their paper go, download this paper, it's really nice to see it like cleanly laid out and like you can see very obviously, someone how pointless this is. Who is listening knows? Alyssa. Have them have Alyssa reach out to us. I already I tried to hit her up on LinkedIn. I want access to our platform. I wonder. Yeah, this is, It's really fantastic. The free flow platform is what she needs in order to finish this out. That's it. That's what we got. That's a lot. How dare you? Honestly, I felt like a little bit of a shell at the beginning. Though, this show might have brought us up to number 18. I'm not, I don't know yet. We'll see. I well, I'm hoping we didn't go to 19 and a half at the end. Oh, that's Damian Ross. I'm Emma. Scotty, we are free float. Go get the platform. Go to free. Float dot LLC. There's login link there you can go log in and find it. It's free right now, right now free so don't complain if something doesn't work well because it's free. It's yeah, it's just assume it won't work. Well, shut up, most of it does work. And that's a miracle because it's free, just go get it until tomorrow.